A fiduciary financial advisor for Colorado.
Independent advice on retirement, taxes and investments for individuals and families along the Front Range and across the state. No commissions and no products to sell.
One advisor for the whole picture
Most people's money is spread across a workplace plan, an IRA or two, a brokerage account, perhaps a pension, and Social Security, with nobody looking at how they fit together. We do. Investment decisions are made with their tax consequences in view, and the plan is built around when you want to stop working and what you want that to look like.
We work with clients from Fort Collins and Boulder to Denver, Aurora, Parker and Colorado Springs. Our office is in Denver; most meetings are by Zoom or phone, and we can meet in person along the Front Range.
From the first call to a plan
There is no obligation at any step until you sign an agreement.
Introductory call
A free 30 to 45 minute call by Zoom or phone. We listen, explain how we work and what we charge, and tell you plainly if we are not the right fit.
Discovery
We go through your accounts, income, taxes and goals in detail, then send a written proposal with the scope of work and the fee.
Your plan
We build the plan and put it in place, coordinating with your CPA and attorney. Most new clients are fully set up within two to four weeks.
Ongoing
Reviews twice a year, and a call whenever something changes. You can end the agreement at any time without penalty.
Advice for the decisions in front of you
Most people who call us are facing one of these. If yours is not here, the introductory call is the place to ask.
Retiring in the next few years
When to claim Social Security, how to draw income from each account, and what retirement actually costs.
Colorado public employees
PERA and DERP pensions, the PERAPlus 401(k), and how they fit with Social Security and the rest of your savings.
Taxes and Roth conversions
Sizing conversions against the tax brackets and Medicare surcharges, and planning required minimum distributions years ahead.
Stock options and equity pay
When to exercise, when to sell, and how to avoid paying tax twice on the same shares.
Investment management
A portfolio built for your timeline and your tax situation, rebalanced and reviewed as your plan changes.
Inheritance and big changes
An inheritance, a divorce, a new child, or the loss of a spouse: what to do first, and what can wait.
Saving for education
529 plans, custodial accounts, and how much to put aside for a child or grandchild without shortchanging retirement.
Estate and beneficiaries
Wills, trusts and beneficiary designations that match the plan, coordinated with your attorney.
What changes when the plan is in Colorado
The federal rules are the same everywhere. These are the Colorado pieces we build in.
State tax on retirement income
From age 55, Colorado lets each person subtract part of their pension, IRA and taxable Social Security income before applying its flat tax: up to $20,000 a year from 55 to 64, and $24,000 from 65. From 65, all taxable Social Security is exempt even above that limit, and from 55 to 64 it can be fully exempt if your income is under the state's threshold.
Public pensions
Teachers, state and local government staff, and Denver city employees retire on PERA or DERP, and most did not pay into Social Security in those jobs.
Medicare and health cover
Bridging to 65 if you retire early, then choosing a Medicare plan, and keeping income below the thresholds that raise your premiums.
Questions about your own plan?
A free, no-obligation call with a Colorado advisor.
Turning savings into a paycheck
Saving for retirement and spending in retirement are different problems. Once the paychecks stop, the order you draw from each account, the age you claim Social Security, and the income you show in each year decide how long the money lasts and how much of it goes to tax.
We build the withdrawal plan year by year: which account pays the bills, when to claim, and how to keep income below the thresholds that raise Medicare premiums two years later.
- Social Security claiming for singles and couples, including survivor benefits
- Withdrawal order across taxable, pretax and Roth accounts
- Medicare premium surcharges (IRMAA) and the two-year lookback
- Required minimum distributions, planned before they start at 73 or 75
PERA, DERP and the decisions that come with them
A Colorado PERA pension, or DERP for Denver city employees, changes the whole plan. Most members do not pay into Social Security through that job, the repeal of WEP and GPO in 2025 changed what many of them will receive, and the supplemental PERAPlus 401(k) is easy to underuse.
We fit the pension into everything else: whether to take the defined benefit or defined contribution plan where you have the choice, what to do with a pension when you leave mid-career, and which survivor option to choose at retirement.
- Pension versus defined contribution elections
- Leaving before retirement: refund or deferred benefit
- Survivor benefit options and their lifetime cost
- Social Security after the WEP and GPO repeal
Paying tax when it costs the least
The years between retiring and claiming Social Security are often the lowest-tax years of a lifetime, and the cheapest time to move money from pretax accounts to Roth. Converting too much pushes you into a higher bracket or a Medicare surcharge; converting too little leaves larger required distributions later.
We size each year's conversion against the brackets and thresholds that actually apply to you, and coordinate it with your CPA.
- Multi-year Roth conversion plans
- Bracket management in early retirement
- Qualified charitable distributions from age 70½
- Tax-loss harvesting in taxable accounts
Making the most of equity pay
Stock options, restricted stock units and employee stock purchase plans each have their own tax rules, and the default choices are rarely the best ones. Holding too long concentrates your wealth in one company; selling at the wrong time can mean paying tax twice.
We plan exercises and sales around your tax brackets, how much of your wealth is in one stock, and what the money is for.
- When to exercise options, and how they are taxed
- RSU vesting and the withholding shortfall
- ESPP holding periods and qualifying sales
- Reducing a concentrated position over time
Paid by you, and only by you
Merels Capital is an independent registered investment adviser in Colorado. As a fiduciary, we are required to put your interests first in every recommendation we make.
No commissions
We take no commissions, referral fees or payments from fund companies. Our only pay is the fee you agree to.
No products to sell
No parent company and no in-house funds, so nothing we recommend earns us more than anything else.
Your money stays in your name
Your accounts are held at an independent custodian, and you see every holding and every fee on its statements.
How fees work
For ongoing wealth management we charge an annual advisory fee, calculated as a percentage of the assets we manage and billed quarterly. The rate steps down as assets grow. If you want a plan without ongoing management, we also offer standalone planning engagements. You see the exact fee in writing before you sign anything, and our fees and services are set out in our Form ADV, public at adviserinfo.sec.gov.
Questions before you book
Do you work with clients outside Denver?
Yes. We work with clients across Colorado, from Fort Collins and Boulder to Colorado Springs. Most meetings are by Zoom or phone, and we can meet in person along the Front Range.
Does the first call cost anything?
No. The introductory call is free and there is no obligation. There is no sales pitch and nothing to prepare in advance.
Can you help with my 401(k) at work?
Yes. We advise on how much to contribute, Roth or traditional, and which funds to choose from your plan's menu, and fit the plan into the rest of your finances.
Do you replace my CPA and attorney?
No, we work with them. We make sure the tax, legal and investment pieces are built from the same set of facts, and coordinate directly with the professionals you already trust.
Is there a minimum?
It depends on the kind of work. Investment management, comprehensive planning and one-off projects each have their own thresholds. The introductory call is the quickest way to find out whether we are a fit.
How do I check your background?
Every registered investment adviser files a Form ADV describing its services, fees, conflicts of interest and any disciplinary history. Ours is public at adviserinfo.sec.gov, and we give it to you before you sign.
Deciding whether a Roth conversion pays
The worksheet we use to size a conversion against the brackets and Medicare thresholds.
The Roth Conversion Decision Guide
A worked framework you can fill in: the five-question screen, a bracket and IRMAA sizing worksheet, the four costs people miss, and a checklist to run before you place the order.
Thank you. Check your inbox for an email with your download link. It can take a minute to arrive, so check your spam folder if you do not see it.
Reading and tools
Plain-language explanations and free calculators. Nothing you enter in a calculator leaves your browser.
Retirement Planning Guide
Accounts, contribution limits, withdrawal order and the decisions that matter most in the last ten years before retirement.
Read the guide →Does Colorado PERA Replace Social Security?
What PERA and DERP actually pay, and what the WEP and GPO repeal restored for 175,000 Coloradans.
Read the article →After an Inheritance
What to do before you spend or invest a dollar, and the tax rules for inherited accounts.
Read the article →Retirement Calculator
Whether your savings, pension and Social Security cover the retirement you have in mind.
Run the numbers →Talk it through with a Colorado advisor
A free, no-obligation call about where you are and where you want to go.